FINANCE and COMMERCE

Dominion, Volume 25, Issue 169, 13 April 1932, Page 12

FINANCE and COMMERCE

STOCKS AND SHARES Wellington Market Steady GILT-EDGEDS FIRMER A strong demand for. Government securities and an improved inquiry u>r banks and ia few other classes of shares were the main features of the Wellington market yesterday. The 5} per cent. Inscribed Stocks, 1936, were very firm, with six more sales at £97/5/-, and further sellers of stock and bonds at £9B. Two sales were made on 'change at £Jii ot the 51 per cent. Stock. September,' 1931, and there were more buyers about at that figure, which was also offered Tor the •>$ per cent. Stocks and Bonds, IJ3o. Lh® 41 per cent, tax-free Stocks and Bonds, 1939, hardened 10/- to £94, the 1938 maturities being wanted at 2/6 to o/- more. Generally all classes of Government securities were much firmer. There was more activity in the hank section, Australasias being firm at 15/-, Commercial of Australia Id. better at 13/7, with sellers standing at 14/-. Bank of New Zealand were firm at 43/-. Sellers of Bank of New South ales lowered their offer 3/- to £24/11/-. Union Bank of Australia were 2/6 lower at £l> 10/-, sellers wanting £6/15/-. There were sellers of most classes ot financial shares, except N.Z. Guarantee Corporation, for which buyers repeated their offer of 4/1 cum dividend. Breweiies were in firm request, with no sellers. Gear Meat were sought at 26/2, an advance of 2d. There were sellers of New Zealand Insurance at 3i/-. and Sou.h British at 49/6. Yesterday’s Quotations Buying and selling quotations at yesterday’s final call on the Wellington Stock

DEALINGS ON ’CHANGE Dominion Sales Thu following sales were recorded on the stock exchanges of the Dominion yes-

AUCTION DIARY. TO-DAY. 154 Featherston St.. 2.30 p.m.—Sale a/c Mortgagee. 25 Calabar Rd.. Miramar (.J. 11. Bethune and Co.). .Johnsonville fat stock sale. 12.30 p.m. (W., S. and Co., Ltd.. A. and W.. Ltd.). 8 Willeston St.. 1 p.m.—Sale radio acjts (14. Johnston and Co.). 18-24 Molesworth St.. 1.30 p.m.—Sale furniture. etc. (J. F. McKenna). . (ihuznce St., 1.30 p.m.—Sale furniture, etc. (G. H. Perry and Co.). TO-MORROW. 159 Featherston St., 2.3(1 p.m.—Sale property. Karori, a/c Mortgagee (Finch. Webster & Os win, Ltd.) 18-24 Molesworth St., 1 p.m.-—Sale oil coats (J.- F. McKenna). B Willeston St., 1.30 p.m.—Sale carpets, etc. (E. Johnston and Co.). G Bruce Avenue, Brooklyn, 1.30 p.m.—Sale furniture, etc. (I. Silverstone and Co.). Waikanae sale. FRIDAY. Blackett’s Buildings, Auckland, 12 noon.— Sale'property a/c Estate late Mr. N. A Nathan (C. F. Bennett, Ltd.). Taumarunul cattle fair (Abraham and Williams. Ltd., and Wright, Stephenson, and Co., Ltd.). 8 Willeston St., 1 p.m. Sale furniture, etc. (E. Johnston and Co.).

NET PROFIT LOWER Australian Iron and Steel DIVIDEND AGAIN PASSED A further decline in net profit is shown by Australian Iron and Steel, Ltd., in its statement for the year ended November 30, 1931. At £18,071, the figure shows a fall of £58,360 on the net profit for the previous year. The profit is added to £206,380 brought forward, making a carry forward of £224,451. Payments on the two half-yearly dividends on cumulative preference shares due on May 1 and November 1, 1931, were postponed. Paid-up capital increased by £26,250 during the year. Preference capital is £1,000,000. The sum of £91.675 needed for the payment of the 19£0 ordinary dividend of 5 per cent, again appears in the ordinary dividend appropriation account.

Cash liabilities have decreased by £72,836,- and the large fixed assets item is greater by £113,895. Stocks show a decrease of £200,969, and cash a decrease of £3583. There is an increase of £3163 in the item debtors. The directors state that the erection has been completed at Port Kembla of the large rolling mill purchased from Baldwin’s, Ltd., England. The merchant bar mills have been transferred from Lithgow to Port Kembla, where the steel manufacturing activities of the company are now concentrated. Shortage of orders caused all sections of the plant ,to work intermittently. Sir Maurice Hugh Lowthian Bell has been appointed a director to fill the vacancy caused by the death of Sir Hugh Bell, chairman of directors of Dorman, Long, and Co., Ltd. INSURANCE SHARE DEAL Mercantile & General & Sun The Mercantile and General Insurance Company, Limited, has received an offer from the Sun Insurance Office, Limited, of London, to purchase shares in the company, and as the offer is considered by the directors to be satisfactory, full particulars will be submitted to all shareholders at an early date for their consideration. SYDNEY STOCK EXCHANGE Market Firmer (Bee. April 12, 9.20 p.m.). Sydney, April 12. On the Stock Exchange to-day there was a more optimistic tone. Commonweath Bonds all improved a few points. Bank of New South Wales were firmer at £2B/2/-. Commercial Bank of . Sydney sold at £l5/12/6. New Zealand, 5} per cent., 1937, debentures, at £lOB 15/-. The volume of business in front line industrials was somewhat larger than usual. Australian Gas A, 110/6; Touheys, 16/6; Tooths, 26/-; Henry Jones, 29/3; British Tobacco, 29/3; Goldsbrough, Morts, 24/14; Winchcombe Carson, 18/4}; Dunlop Perdriau, pref., 24/9; Australian Glass, 35/-; Broken Hill Proprietary, 15/3; South Brokens, 41/-; Zinc Corporation, 24/9. Morning sales: Commonwealth Bonds, 4 per cent., 1938, £95/3/9; 1941, £BOOO worth at £93/12/6; 1951-55, £9l/5/-; 1951-57. £9l/15/-; Goldsbrough, Mort. 24/-; British Tobacco, 29/3; Tooth and Co., 26/-. .

Melbourne Trading Brisk (Rec. April 12, 9.20 p.m.). Melbourne. April 12. The possibility of an early change in the Victorian Government caused brisk trading on the Exchange to-day. Early sales were: —British Tobacco, 29/11; Goldsbrough, Morts. 24/1; Dunlop Perdriau, pref., 25/-; Herald and Times. 43/6; Metropolitan Gas. 202/-; North Brokens,-60/-; Souths, 40/10 j ; Sulphide Corporation, 9/4; Mt. Lyell, 20/4}. NEWCASTLE’S EXPORT TRADE Colliery Chairman Fears Loss “The loss of practically the whole of Newcastle’s overseas coal business will result from the decision of the New South Wales Government to return to the old exorbitant railage and cranage rates on eoal, representing an unfair additional charge on the industry of 1/6 per ton,” declared Mr. A. Howard Smith, managing director of Caledonian Collieries, Ltd., at the company’s meeting recently. He presided in the absence of the chairman (Mr. H. B. Howard Smith). “This decision will hamper the interstate and New Zealand trades.” continued Mr. Howard Smith, “with the consequent addition of hundreds of men to the large number already unemployed. The volume of business in the foreign trade is still small compared with former years, in spite of the substantial benefit derived last year by Australian coalowners as n result of the favorable exchange position ami the 1/- per ton bounty allowed by the Commonwealth Government. Notwithstanding this assistance the competition of foreign coals produced by cheap labour and aided by Government bounties or prohibitive duties has in some cas'es been impossible to meet.” Mr. Howard Smith said that the company had secured a fair share of the foreign trade obtained by Australian coal. Owing to the depression, the reduced consumption of coal in the Australian trade had continued during the past year, and the competition for the limited requirements of consumers had been such that prices generally had not been remunerative. The financial result bad also boon affected by additions to the Federal primage and sales taxes, and the Now Sou’ll Wales family endowment tax. The closest consideration had been given to expenditure, capital expenditure having been kept at the minimum. Further substantial economies had been effected in the personnel and salaries of the iiermaueiit staff. A shareholder stated that it seemed to him that Howard Smith. Ltd., was making its dividends out of Caledonian Collieries, which was paying neither an ordinary nor a preference dividend. Mr. A. Howard Smith: Howard Smith is not making its money out of Caledonian coal. The two companies are interlocked to a great extent. Slackness in the shipping trade means slackness in the coal trade, and vice versa. Until 'he coal trade improves. I do not sec any pr >speirt of an improvement in the cbm puny’s linnnces. All coal companies’ balancesheets have been affected,

WOOL MARKET

London Sales Opened Yesterday PRICE PROSPECTS The April series of the London wool sales opened in Coleman Street last night, and reports of the opening prices will be received to-day. The Bank of New Zealand, produce department, on Saturday received a cable message from its London office stating that market prospects were less favourable and prices for crossbreds were expected to be slightly lower. The Wairarapa Farmers’ Co-operative Association, Ltd., have received the following cable message from their London agents dated April 9 : —Following AV airarapa wool, anticipate faTrly firm; merino, 5 per cent., crossbreds 5 to 10 per cent, decline. According to a recent message received by Dalgety and Company from their head office, brokers expect to offer 13~. -jOO bales for the series, including:— Australian 39,100 New Zealand 6.1.100 Cape 6.900 South America 21.200 Sundries 200 SYDNEY WOOL SALES Best Fine Sorts Wanted (Rec. April 12, 9.20 p.m.). Sydney, April 12. At the wool sales to-day the demand for best fine descriptions 'was well maintained, but lines showing mixed quality were irregular. Greasy merino made up to 18Jd. The quantities offered and sold were not available. BASE METALS MARKET Latest Quotations (Rec. April 12, 7 p.m.) Sydney, April 12. T!k> official London (middle) quotations for Monday, as received by the Australian Mines and Metals Association, compare as follow with those previously

AUSTRALIAN BUTTER Export Bounty Increased •Members of the Australian Butter .Stabilisation Committee decided last week to increase the bounty payable on all butter exported from Australia. The bounty, which is payable under the Paterson stabilisation plan, has been increased from 2}d to 3d a lb, and it will be paid on all butter graded for export and manufactured later than 12 noon on Saturday, April 2. The levy remains unaltered at ljd a lb on all butter manufactured in the Commonwealth, with the exception of that produced in Western Australia, which has not subscribed to the plan. The. strong financial position of the committee has made the increasing in the bounty possible, but this position has ■been attained only after successive reductions of the bounty since January 1, 1931, when it was 4id a lb. . The latest reduction was made on April 11, 1931, when the bounty was reduced from 3d to 2Jd a lb. The lower bounty enabled the committee to reduce its bank overdraft and to build up the present sound position. As a result of the increased bounty, the domestic price of butter has been increased by 4d a lb., or 4/8 a cwt, making the price of choicest Victorian butter 1/3} a lb, or 144/8 a cwt. FROZEN MEAT TRADE Lamb and Mutton Killings Up Killings of live stock for export during the six months of the 1931-32 season, ended March 31, show large increases in mutton and lamb, and a decrease in pork. Killings of lamb have increased by over 580,000 carcases, the figures being: North Island. 3,561,761 (last seasou, 2.978.847) ; South Island, 2,226,955 (2.227,573). Killings of sheep at 2,114,694 show an increase of 626,207, the figures being: North Island, 1,779,758 (1,322,319) ; South Island, 334,936 (166,168). The Dominion totals, given by the Meat Board in their latest return, com-

The exports for the six months ended March 31, show decreases, exqept for lamb and boneless beef, as compared with the corresponding period of last yen - . Details are given in tlie following table, last season’s totals being shown for comparative purposes:—

Li addition, 101.573 bags ot boneless beef (97,837 for Glasgow), were exported, as against 03,168 bags for the corresponding period of 1930-31. Stocks of frozen meat on hand in New Zealand as at March 31. compare as fol-

Stocks of frozen meat loaded into vessels not departed from New Zealand at March 31. compare as follow:—

GRAIN AND PRODUCE

Auckland Markets POTATOES FIRMER Dominion Special Service. Auckland, April 12. Supplies of potatoes were diminished appreciably as a result of wet weather delaying digging, but the position was a little easier this morning, partly due to the arrival of fair quantities from the Manawatu district. Merchants have raised their quotations, and are now asking £6/15/- per ton through store for Pukekohe and locals, while Manawatu command £7/10/-. There has been practically no business in southern potatoes. Onions also have firmed up since last report, and current quotations are 12/per cwt. The bulk of the supplies come from Pukckohe. Stocks of local pollard appear to be rather scarce, and in consequence merchants report a heavy demand for Australian. There is no change in the oats market. B Gartons still sell at 4/6 per bushel, and chaff at £B/10/- per ton. A fresh shipment of Marlborough chaff arrived this morning. The wheat market is very firm at 6/3 to 6/4 per bushel. The maize, market is very firm due to the small offerings from Poverty Bay and the Bay of Plenty. The position will be relieved early next month, when a shipment from Java is expected to arrive.- This is being quoted at 6/2 per bushel, ex ship, plus fumigation charges, if any.

LIVE STOCK MARKET

Australian Prices A satisfactory market was maintained for fat sheep and lambs at Flemington (Victoria) last week. Fat sheep prices in many instances were 1/- a head higher than the previous week's general average quotations. In most cases prices of fat lambs were fully maintained at recent closing rates. . Fat sheep—27,ooo were yarded. Prime crossbred and comeback wethers, 18/- to 20/-; extra prime heavy crossbred and comeback wethers, 21/- to 22/-, a few at 23/9; good crossbred comeback wethers, 15/6 to 17/-; seconds, from 14/-; best merino wethers, 16/6 to 18/-, extra to 19/3, good 14/6 to 16/-; moderately fat light local aged wethers, 12/- to 13/6; prime heavy crossbred ewes, 16/- to 18/6; best mixed grades fat ewes, 12/6 to 15/-; middling aged ewes, 9/- to 11/6; inferior old ewes, 4/to 8 A c . The approximate quotation tor best wether mutton ranged from 3d to 3{d a lb; heavy wether mutton, from 2Jd to 3d a lb, with -medium weight two-too'-h wether mutton a shade dearer; best ewe mutton, from 2}d to 2j[d a lb; extra heavy weight ewe mutton, at 2d and 2fd a lb. Twenty-nine thousand fat lambs were yarded, showing an increase of 8000 head compared with the previous weeks supply. Prime sold at from 15/- to_l6/6; extra prime and heavy, from 17/- to 19/-; good sold nt from 13/- to 14/6, with secondary classes from 10/-; best medium-weight lamb sold from dpi to 4}d a lb, occasionally a shade higher; heavyweight lambs from 4d to 4Jd a lb; exceptionally heavyweight lambs at 3jd and 3’}d a lb. Fat bullocks—l9oo were yarded. Prime pens sold, good weights £ll/10/to £l2 (26/6 to 27/6 a 1001 b) ; extra prime pens, £l2/5/- to £l3 (26/6 to 27/6 a 1001 b); heavy Northern Station bullocks, £ll/10/- to £l2/10/- (24/- iO 26/- a 1001 b) ; prime medium weight pqus, £ll to £ll/10/- (27/- to 28/6' a 1001 b) ; best lightweight pens, 110 to £lO 15/-’(29/- to 31/- a 1001 b) ; sundry pens well ileshed local lightweights, £B/10/to £9/10/-. .At the Flemington (New South Wales) stock sales last Thursday, 27,163 sheep and lambs were penned Prime heavy wethers, carrying good skins, 10/to 11/-, with odd lots higher; prime ewes, 9/- to 10/-; prime lambs, 11/- to 13/-, a few higher; medium and trade wethers, 10/- to 11/-; medium and trade ewes, 8/- to 9/-; medium and trade lambs, 10/to 11/-, a few higher. SURPLUS TONNAGE Australian Coastal Trade The acting chairman of Howard Smith, Ltd. (Mr. A. Howard Smith), at the company’s annual meeting last week, said that there was a surplus of tonnage on the Australian coast for the very reduced volume of cargo and passengers offering. Shipowners had to decide between retaining and maintaining their surplus tonnage and selling it nt “break-up” values. The latter procedure was undesirable on account of the cost of the replacement oc any comparatively modern surplus tonnage sold, owing to the possible imposition of prohibitive Customs duties on vessels of more than 1000 tons gross register. These duties at present were being deferred only for short periods. “In view of the heavy falling away of trade, lower prices and freights in the coal and shipping industries, and the uncertain political outlook in New South Wales, it is impossible to forecast the prospects for the current year,” added Mr. Howard Smith. “Until there is a revival in business no indication can be given as to when it will be possible to resume the payment of dividends on the company’s ordinary capital.” J. C. Williamson, Ltd. “Difficulties having been encountered in regard to the suggested reconstruction of the company, the directors of J. C. Williamson, Ltd., although a meeting of shareholders is being called as arranged, will not at present submit any proposals.” says the “Sydney Morning Herald.” The business of the shareholders' meeting is. therefore, “to hear from the directors regarding the formation of n scheme or arrangement for the reconstruction of th<company,” and to consider such proposals.

Exchange were as folio w:— Buyers. Sellers. N.Z. GOVT. LOAN'S— £ s d £ s d •51 p.c. Bonds, 19-51 ... — 95 0 0 p.c. ditto, 1939 ... 94 0 0 — p.c. ditto, 1938 ... 94 2 6 — p.c. ditto, 1933 ... 97 0 0 54 p.c. ditto, 1936 ... — 98 0 0 54 p.c. ditto. Feb. and Sept., 1937 97 0 0 — 51 1 p.c. ditto, 1933 ... 98 0 0 — 4 p.c. Insc. Stk., 1939 94 0 0 4? p.c. ditto, 1938 ... 94 5 0 95 10 0 5A p.c. ditto, 1933 ... 97 0 0 ul P.C. ditto, 1936 ... — 98 0 0 5* p.c. ditto, Sept., 1937 97 0 0 54 p.c. ditto, 1941 ... — 96 0 0 uj p.c. ditto. 1933 ... 96 0 0 —— debentures— Auck.. Chcli., Dun. City, . . 54 P.c.. 1944 93 0 0 — Wcton. City and Harb. . .. . Bd., 54 p.c.. 1940 ... 93 10 0 — Otago Harb. Bd., 5 p.c. ] 934 , *97 0. 0 Makerua Drn. Bd., 6 — 95 0 0 BANKS— 8 15 0 —— Commercial Aust., ord. 0 13 7 0 14 0 3 7 6 ■1 ■ New South Wales ... 24 17 6 New Zealand 2 3 0 6 10 0 0 15 0 FINANCIAL— Goldsbrough, Mort .. — 119 Abraham and Williams, I. ■ 3 5 0 N.Z. Guar. Corpn., ord. *0 4 1 —— N.Z. Invest., Mortg. and Deposit — •0 9 6 N.Z. Loan & Merc., ord. —— 40 0 Q Wgton. Invest., T. &A. —— 0 9 6 Wgton. Dep. & Mortg. ■■ ■ 0 9 6 Wgton. Trust & Loan —— 5 17 6 GAS— —— 116 Wellington, ord. 17 0 — 0 16 0 INSURANCE— New Zealand ., — 1 17 0 South British ■ —— 2 9 6 MEAT PRESERVING — Gear .. 1 fl 2 N.Z. Refrig. (£1) .... 0 11 1 0 11 7 transport— Union Steam, pref. . 0 19 11 — P. and 0. def. stock .. 10 0 COAL— • Grey Valley —— 0 13 fl BREWERIES— 1 5 0 ■ III. New Zealand ........ 12 9 — Tooth and Co. 12 8 — MISCELLANEOUS— British Tobacco, ord. 15 8 16 0 D.I.C., ord. 1 Howard Smith, ord. . 0 12 6 0 8 0 National Electric ... — 0 10 0 New Zealand Drug .. 2 3 0 Wilson’s Cement .... — 17 3 Woolworths, pref. (rights) — 0 3 0 MINING— ■ Mount Lyell — « < •Cum. dividend, tInterest payable London.

terday:— WELLINGTON. £ s d Sales on 'Change:— Govt. Inscr.- Stock, Bi p.c., Sept., 1037 (2) 97 0 0 Sales reported:— Govt. Inscr. Stock, B} p.c., (3) •97 5 0 Ditto, 5J p.c., 1030 (3) 97 5 0 •Late sale Monday. AUCKLAND. £ 8 a Inscr. Stock, 51 p.c., 1933 Auckland Harbour Board, Bi p.c. . 98 0 0 1937 . 96 10 0 Auckland Fire Board, 1939 101 0 0 . 1 1 0 Auckland Gas (coritr.) . 0 14 9 . 0 1 9 Wilson’s Cement (3) . 1 G 3 . 0 1 1 G Waihi . 6 16 5 CHRISTCHURCH. Commercial Bank o£ Aust. (4) . . 0 13. 9 Bank of New Zealand . 2 3 0 Do . 2 2 9 . 1 1 6 N.Z. Refrigerating, 10/- paid ... . 0 4 5 N.Z. Breweries (2) . 1 3 1 . 1 6 0 . 0 0 1J . 0 G 0 . 0 0 2i Okarito «.... • • . 0 9 bo . 0 9 4 Do .................... , 0 9 Wnihl Grand Junction . 0 3 7 Auckland Gas . 1 1 0 Christchurch Gas . 1 4 8 Sales reported— Govt. Inscr. Stock. p.c., 1930.. •97 5 0 Do., 54 p.c., 1936 . 07 o 0 Do... 5J p.c., 1030 (2) . 97 1(1 0 Bank of New Zealand . 2 3 3 Do , 2 10 Do , 2 3 0 Coldsbrough, Mort . 1 1 5 N.Z. Breweries . . 1 3 3 jf.Z. Refrigerating, £1 paid .... , 0 11 4 Do . 0 11 6 Do., 10/- paid . 0 4 5 DUNEDIN. £ 8 d Sales on ’Change— Okarito 0 9 4 N.Z. Refrigerating, 10/- paid .. . 0 4 Sales reported— Bank of New Zealand , 2 3 3 D.I.C., pref. (2) . 0 19 11 Golden Point King Solomon . 0 1 2

Year ended Nov.. 30. Net profit .. 1020. £ 215,0-10 1030. £ 711,431 1931. £ 18,071 Pret. div., 7} p.c. 73,714 75,000 Ord. div. .. 5 — — Ord. div., amt. 91,675 Forward 204.049 206.380 224,451 LIABILITIESCAPITAL— Pret.. cum. . 1.000.000 1.000.000 1.000.000 Ordinary 1,070.432 2.253.007 2,279,257 Reserve .... 15,711 15.711 15.711 Creditors and bank 011,115 678,768 1105,932 Ord. div. approp’n, 91,675 91,675 ASSETS— Freeholds, leaseholds, quarries, plant, etc. 2,777,258 3,212,596 3,326,491 Shares (other companies 301.300 391,309 391,309 Stocks .... 420.200 490,007 280,938 Debtors .... 280,440 188,651 191,814 Deposits on contracts 5,506 . 2,745 1,725 C’wealth Govt, secs. 15,000 15,000 15,000 Cash 1,072 4.332 749

cabled: — April 7. Per ton. April 11. Per ton. Copper— £ ■ s d £ a <1 Standard, spot ... 29 10 7i 29 9 41 Standard, forward 29 10 7i 29 14 4J 34 0 0 34 0 0 to 34 10 0 , 34 10 0 Wire bars 31 10 0 31 10 0 Lend— Spot 10 17 fl 11 0 0 . Forward 11 3 9 11 5 0 Spelter— Spot 10 11 3 10 17 6 Forward 11 0 0 11 6 3 Tin— Spot 107 0 0 104 8 9 Forward 109 10 0 100 13 9 Silver— Standard, per ox. . Ifl 13-lfld 10 15-lfld Fine, per ox. ..... 18 1-Sd 17 3-10d. ♦American, 5.7 5 cents a lb.

pare as follow: — 1931-32. 1930-31. Beef (quarters) .... 28.285 73,007 Wether mutton (c/cs.) 1.050,567 970.201 Ewe mutton (c/es.) 1.064,127 518,220 Lamb (c/cs.) 5.788.716 5.200,300 Pork, porkers (c/cs) 77,682 81,710 Pork, baconers (c/cs) 15,332 22,413 Boneless beef (frt. c/cs.) 166.684 IOS.423 Sundries (frt. c/cs.) 104,227 120,093

Iggg 1 cD-r-f* 11 1 1 1 1 1 I cl s « “ 1 1 “■ — 1 1 *—. *— i I"” -5 -i C5 u w ci ci oi d d co e; o t- -+■ r? Eg 11 11 3 CD CD t) =<353:: ?i- . 1 3J 2 -* ++ . i co * T—‘ CO | ~ 1—,-* | | 2 ~ II--H rH rS rt Q »is5 CO>OD5 ■M s -CZco 3 O ■=_ = 5 2g> = » -- TZ = "v o V CO 3 2* c, c S J= ci 15 2 O £ >J~ c = E-i

low:— 31/3/32. 31/3/31. Beet (quarters) .... 21.010 35,859 Wet her mutton, e/cs. 433.017 148.827 Ewe mutton, c/es. .. 560.310 211.352 bum It, e/es 1.940,160 1.449,151 Pork, porkers, e/cs. . 28.851 22.424 Pork, baeoners, c/s Boneless beef. 5.890 6.562 frt. e/es. 105.317 51.350 Sundries, frt. c/cs, .. 30,310 52,366

Heel' (quartern) 31/3/32 .... 1.9011 31/3/31. 0,352 Wet her mill ton, o/cs. 03.309 12.192 Ewe mutton. e/cs. .. 10,135 Lamb, e/cs. 378.970 337.007 I’ork. porkers. e/es. -4. i' r . 21 i 1’urk, haveners, c/cs. 1,421